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Screen PARent - Pennsylvania Rent and Royalty Property (1040)

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Overview

Use this screen to complete Form PA-40 Schedule E, Rent, Royalty, Patent, and Copyright Income or (Loss). Amounts that appear in the PARent screen are automatically transferred from the federal Rent screen. It is important to report any state-related law differences and details in the PARent screen. When adding or deleting units on this screen, it's required that it be done in the corresponding federal screen instead.
note
  • Add or delete units for this screen in the corresponding federal screen.
  • To report rental income on the Philadelphia Form NPT, Net Profits Tax Return, and the Philadelphia Form BPT, Business Privilege Tax Return, enter code
    19
     and a 7-digit city account number in the
    State Use
     field in the federal Rent screen. To report rental income on the Philadelphia School Income Tax return, enter
    PHL
     in the
    City code
     field in the federal Rent screen. If both the
    State use code
     and
    City code
     fields have data entered as described above, the rental income will only be reported on the NPT/BPT return.
  • For part-year and nonresident returns, amounts entered in the federal Rent screen are multiplied by instate percentage upon transfer to this screen if applicable.

General Questions

Pennsylvania sales tax license number
Enter the sales tax number used to remit the hotel occupancy tax that was collected on short-term rentals of less than 30 days. If a third-party broker collected and remitted the tax, enter the broker’s PA sales tax license number and mark the
Rental payments made by lessees through a third party broker
 field.
Not for profit property
Use this field to indicate the rental property isn't for profit. When this field is marked, UltraTax CS marks the corresponding field on Form PA-40 Schedule E and limits rental expenses up to rental income.
Rental property located within Pennsylvania (Force)
UltraTax CS uses the entries in the
Physical address
 fields to determine whether the rental property is within Pennsylvania. To override the calculated value, enter
1
 to indicate the property is within PA or enter
2
 to indicate it's not.
Personal use percentage (Force)
UltraTax CS uses the federal personal use percentage. This percentage isn't applied to the following amounts: Income, Advertising, Commissions, Management fees and Home office expense. For the other expense field, the gross amount shows up on the schedule and an adjustment called Vacation Home Adj Other exp calculates to offset this amount.

Income

Cancellation of debt (Force)
UltraTax CS uses the amount from the federal cancellation of debt worksheet, columns A, B and C. When more than 1 1099C is present, the total reported amount for this activity is used. This field overrides the 3 separate amounts and the description
Cancellation of Debt
 is used in the Other expense section of PA Schedule E.

Expenses

Auto (Force)
UltraTax CS automatically uses the calculated federal auto expense amount. Enter an amount in this field to override the amount automatically transferred by UltraTax CS.
Travel
UltraTax CS automatically uses the calculated federal travel expense amount. Enter an amount in this field to override the amount automatically transferred by UltraTax CS.
Depreciation (Force)
When the fixed asset module is used, it determines the depreciation expense for each rental activity. If the depreciation is incorrect, use the
Depreciation (Force)
 field in this screen. However, it's strongly recommended to change the amount in the fixed asset module to ensure that the state versions of the appropriate forms are correct.
Depletion (Force)
UltraTax CS automatically uses the calculated federal depletion amount when the cost depletion fields in the federal OGWell screen are used. If the
Depletion (Force)
 field in the federal Rent screen is used, an entry is required on the Pennsylvania PARent screen. Use this field to enter another amount if different than the one calculated.
Home office expense (Force)
UltraTax CS automatically uses the calculated federal home office expense amount. Enter an amount in this field to override the amount automatically transferred by UltraTax CS. Home office expense is shown in the
Other expenses
 section of the PA Schedule E.

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